Nigerian “buy now, pay later” (BNPL) startup CredPal has raised funding from the Cairo Angels Syndicate Fund (CASF), a micro-venture capital fund that invests in early-stage startups in the Middle East and Africa.

Launched in 2018 by Fehintolu Olaogun and Olorunfemi Jegede, CredPal is a consumer credit platform that gives buyers the freedom to buy now and pay later, and helps merchants acquire more customers to increase sales. 

The Y Combinator and Google-backed CredPal has over 85,000 active customers and over 4,000 onboarded merchants, and announced in March it had raised US$15 million in funding to expand its consumer credit offerings in Nigeria and scale across Africa. It has now secured further investment from the CSAF. 

“This support from Cairo Angels Syndicate Fund reinforces our mission to improve the quality of life of Africans through easy access to consumer credit. My co-founder and I are very pleased to have them as investment partners and can’t wait for how much we’ll achieve together,” said Olaogun.

See also  Techstars-backed Nigerian fintech Vesti

At launch, Cairo Angels was Egypt’s first formal network of angel investors, and since its formation it has been one of the most active early-stage investors in startups and high-growth businesses in the Middle East and Africa, with 31 investee companies across 18 different sectors. 

Its syndicate fund is a micro-venture capital fund that invests in post-seed and pre-Series A startups, with a particular focus on Egypt, the United Arab Emirates (UAE), Saudi Arabia, Nigeria, Kenya, and South Africa. Investments announced this year include Finclusion Group, FlexPay and Nawah-Scientific.

“We couldn’t be more proud of our investment in CredPal, which is our first investment in Nigeria. Fehintolu and Olorunfemi have built an incredible fintech platform that provides credit to thousands of underserved individuals and businesses in Africa and will be expanding rapidly to other key markets, including Egypt. BNPL has proven to be a successful business model that is a compelling alternative to traditional forms of consumer credit, especially in emerging and frontier markets where credit card penetration is very low and usually unavailable to the masses,” said Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.

See also  Plentywaka Rebrands As Treepz

Related Articles

November 23, 2021

Treeps closes $2.8m seed, acquires Uganda mobility startup, Ugabus

December 1, 2021

Nigerian autotech startup, Fixit45 acquires Parkit to deepen its vehicle management offerings

March 4, 2022

Nigeria’s Remoto launches to connect car owners with service workshops

94 thoughts on “Nigerian BNPL startup CredPal secures backing from Cairo Angels Syndicate Fund”

  3. certainly like your web site but you have to check the spelling on quite a few of your posts. A number of them are rife with spelling issues and I find it very troublesome to tell the truth nevertheless I will surely come back again.

    Reply

  4. Hello, i read your blog from time to time and i own a similar one and i was just curious if you get a lot of spam remarks? If so how do you stop it, any plugin or anything you can recommend? I get so much lately it’s driving me insane so any assistance is very much appreciated.

    Reply

  8. I enjoy looking through a post that can make peoplethink. Also, many thanks for allowing me to comment!thank you!I did have a merry Christmas! I hope yours wasn’t too cold!

    Reply

  9. Looking forward to reading more. great article. Really looking forward to reading more books. cool. I really enjoy reading a thought provoking article. Also, thanks for allowing me to comment!

    Reply

  10. Good ?V I should certainly pronounce, impressed with your web site. I had no trouble navigating through all tabs and related info ended up being truly simple to do to access. I recently found what I hoped for before you know it at all. Quite unusual. Is likely to appreciate it for those who add forums or something, site theme . a tones way for your customer to communicate. Nice task..

    Reply

  11. Great beat ! I wish to apprentice while you amend your web site, how can i subscribe for a blog site? The account aided me a acceptable deal. I had been a little bit acquainted of this your broadcast provided bright clear idea

    Reply

  13. It’s perfect time to make some plans for the future and it is time to be happy. I have read this post and if I could I desire to suggest you some interesting things or advice. Perhaps you can write next articles referring to this article. I wish to read more things about it!

    Reply

  15. Just wish to say your article is as astonishing. The clearness in your post is just spectacular and i can assume you are an expert on this subject. Well with your permission let me to grab your RSS feed to keep updated with forthcoming post. Thanks a million and please continue the gratifying work.

    Reply

  36. Admiring the dedication you put into your website and detailed information you present. It’s nice to come across a blog every once in a while that isn’t the same unwanted rehashed material. Great read! I’ve bookmarked your site and I’m adding your RSS feeds to my Google account.

    Reply

  37. I would like to thnkx for the efforts you’ve put in writing this web site. I am hoping the same high-grade site post from you in the upcoming as well. In fact your creative writing abilities has encouraged me to get my own website now. Actually the blogging is spreading its wings rapidly. Your write up is a good example of it.

    Reply

  39. After research a number of of the blog posts in your web site now, and I actually like your means of blogging. I bookmarked it to my bookmark web site record and shall be checking again soon. Pls try my web page as properly and let me know what you think.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *